Connect with us

Hi, what are you looking for?

Economy

Australia’s Insignia Financial soars on reports of Bain Capital buyout

(Reuters) – Shares of Insignia Financial soared more than 10% in the final minutes of trade on Thursday on media reports that private equity investor Bain Capital was in advanced stages of making a buyout offer for the Australian wealth manager.

Insignia’s shares, which hovered around A$3.10 per share throughout the session, soared to A$3.40 in the last 10 minutes of trade settlements, as per LSEG data, propelling the stock to its highest closing level since late February last year.

Bain Capital, which bought out Virgin Australia during the COVID-19 pandemic in 2020, is working with Bank of America on a potential takeover of the A$2.27 billion ($1.46 billion) financial services firm, the Australian Financial Review reported citing unnamed sources.

Insignia had A$319.6 billion worth of funds under management and administration at the end of September.

Insignia Financial and Bain Capital did not immediately respond to Reuters requests for comments.

The Australian Stock Exchange’s (ASX) regular trading hours end at 4 p.m. Sydney time, followed by 10 minutes of a pre-closing single-price auction period during which brokers can place, change or cancel orders ahead of market close.

(This story has been refiled to add the dropped word ‘soared’ in paragraph 2) ($1 = 1.5581 Australian dollars)

This post appeared first on investing.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

    Economy

    LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

    Editor's Pick

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Latest News

    Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...

    Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 beneficialinvestmentnow.com